Question # 1

An expenditure incurred to the increases the profit earning of the concern is a:

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Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

Salary outstanding account relevant to:

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Representative personal account

Artificial person's account

Natural persons account

Nominal accounts

Bank reconciliation statement is prepared by

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Banker

Customer's accountant

Auditors

Manager

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

Real accounts are related to:

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Assets

Expenses, losses and incomes

Customers, creditors

Incomes

Petty cash book is a branch of

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Pass Book

Cash Book

Journal

Ledger

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

The book which is used to record all goods returned to us by our customers is called

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Returns outwards book

Returns inwards book

Sales book

Cash book

The debts, which are irrecoverable from the debtors, are called

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Debts

Doubtful debts

Bad debts

Good debts

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

The company formed by teh means of Royal Charter is called.

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Public limited company

Private limited company

Charterd company

Registered company

The figure of the credit purchase can be worked out.

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Total debtors account

Total creditors account

Cash book

Balance sheet

If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.

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Capital ratio

Old profit sharing ratio

New profit shiaring ratio

None of these

Value of the good will is calculated under capitalization formula.

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Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as.

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Oversubscription

Under subscription

No subscription

None of these

Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be

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RS. 5,000

Rs. 4050

Rs.4500

Rs. 40,000

Consignee is.

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A principal

An agent

A debtor

A creditor

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.

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Realization account

Revalution account

Debtors account

None of these

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